James Miller Appointed Chair of New Zealand's Financial Markets Authority

Finance Minister Nicola Willis and Commerce and Consumer Affairs Minister Cameron Brewer today announced the appointment of James Miller as chair of the Financial Markets Authority (FMA).

James Miller is one of this country's most respected directors, and for the best part of 12 years he has been making the case for a renaissance in New Zealand's capital markets. I am delighted to appoint him to lead the FMA, Finance Minister Nicola Willis says.

His expertise in capital markets, corporate governance and financial regulation, including his time chairing the NZX, and as an inaugural director of the FMA, makes him exactly the leader the FMA needs as it steps into its expanded role.

Every New Zealander with a KiwiSaver account has a stake in our capital markets. They are how your savings become finance for a growing business, a new house, or the infrastructure this country needs. But our markets are too shallow, and New Zealanders miss out because of it.

That is why this Government is undertaking a programme of capital markets reform. We are cutting the cost and complexity of raising capital here, so growing companies can list in New Zealand rather than looking offshore. Rules written for a different era are being modernised, with a higher climate reporting threshold taking hundreds of businesses out of requirements never designed for them.

Deeper markets mean stronger KiwiSaver balances and higher wages. It is a core part of our economic plan, and getting the right leadership at the FMA is central to seeing it through.

Mr Miller has been appointed for a five-year term, starting 6 August.

A fair, efficient and transparent financial market gives Kiwis the confidence to invest and businesses the confidence to grow, says Commerce and Consumer Affairs Minister Cameron Brewer.

Promoting the confident and informed participation of businesses, investors and consumers is core to what the FMA was set up to do. Delivering on that is how we build markets that are not just well policed, but successful.

With the transfer of consumer credit regulation from the Commerce Commission, the FMA is now the single financial markets conduct regulator. That means balancing strong protection for consumers with markets dynamic enough to drive economic growth. It is a demanding brief, and James Miller is the right person to deliver it.

Minister Brewer thanked Steven Bardy for acting as FMA chair.

Minister Brewer also announced the appointment of Trevor Janes to the FMA board for a two-year term. Mr Janes was the inaugural chair of NZ RegCo, the NZX's independent regulatory arm, and brings significant capital markets expertise including in investment management and regulation, and as chair of NZX-listed companies.

James Miller and Trevor Janes are both Officers of the New Zealand Order of Merit, Mr Miller for services to corporate governance and Mr Janes for services to business and public sector governance.

Getting the right people into these roles is part of fixing the basics and building the future, so New Zealand's financial markets work for the people and businesses that rely on them, Mr Brewer says.